SewellBrydenGunn

   INDEPENDENT FINANCIAL PLANNERS & INVESTMENT ADVISERS

To contact us:

Phone: +44 (0) 870 - 745 - 0731 

Initial Client Enquiry Contact Telephone Number. 

Private & Corporate Financial Planning Clients are

given direct account contact details.

Trade or Industry Service Providers should use the above number.

 

Areas of Advice: Inheritance Tax

Inheritance Tax

This is a tax that's sometimes payable by your estate upon your death. It only applies if the taxable value of your estate when you die is above £300,000 (2007-2008 tax year), but it can also be payable on assets you gave away during your lifetime. Assets include things like property, possessions, money and investments.

There are also a number of exemptions which allow you to pass on amounts during your lifetime or in your will without any Inheritance Tax being due, for example:

· if your estate passes to your spousal partner (husband, wife or civil partner) and you are both domiciled in the UK then currently there is no Inheritance Tax to pay even if it’s above the £300,000 threshold, although you could be forfeiting valuable NIL RATE BAND “allowances” if you have other dependents or family or other beneficiaries who would inherit upon your spousal partner’s death.

· most gifts or transfers made more than seven years before your death are exempt (however proposals in the 2006 Budget may significantly affect the Inheritance Tax treatment of transfers into most types of trust - more below)

· certain other gifts, such as wedding gifts and gifts in anticipation of a civil partnership up to £5,000 (depending on the relationship between the giver and the recipient), gifts to charity, and £3,000 given away each year are also exempt

Inheritance Tax is payable on the value of transfers above £300,000 into a company or discretionary trust.

However, proposals in the 2006 and subsequent Budgets may significantly affect the Inheritance Tax treatment of transfers into most other types of trust. For more information and advice please contact us.

All business is conducted in the UK under the jurisdiction of the Laws of England and Wales. 

Estate Planning and Inheritance Tax

Areas of particular focus here are:

 Ξ SBG